中国资本管制有效性动态研究:1982-2008
财经研究 2009 年 第 35 卷第 06 期, 页码:30 - 42
摘要
参考文献
摘要
文章综合利用储蓄—投资相关性检验法、Edwards-Kahn模型法、资本管制强度测度以及抵补利率平价4种方法分别从实体经济、货币经济、法律框架以及短期资本套利动机等角度对1982-2008年期间我国资本管制的有效性进行了评估,并侧重讨论了现阶段我国资本管制是否失效的问题。研究结论显示:自1982年以来,我国的资本管制政策短期内基本有效,但随着国内经济的进一步开放和管制政策的逐步放开,资本流动性逐渐提高,资本管制的有效性呈下降趋势;2007年以来虽然存在大量短期资本流入流出的现象,但我国的资本管制仍然对国际资本流动具有明显的抑制作用。
关键词
[1]何德旭,姚战琪,余升国.资本流动性:基于中国及其他亚洲新兴国家的比较分析[J].经济研究,2006,(9):4-16.
[2]刘仁伍.国际短期资本流动监管:理论与实证[M].北京:社会科学文献出版社,2008.
[3]王世华,何帆.中国的短期国际资本流动:现状、流动途径和影响因素[J].世界经济,2007,(7):12-19.
[4]王晓春.资本流动程度估计方法及其在发展中国家的应用[J].世界经济,2001,(7):20-26.
[5]张斌.如何评价资本管制有效性——兼评中国过去的资本管制效率[J].世界经济,2003,(3):64-67.
[6]Edwards S,Capital controls,capital flow contractions and macroeconomic vulnerability[R].NBER Working Paper,2007,No.12852.
[7]Edwards S,Khan MS.Interest rate determinationin developing countries:Aconceptual framework[R].I MF Staff Papers,1985,September.
[8]Feldstein M,Horioka C.Domestic saving and international capital flows[J].Economic Journal,1980,90:314-329.
[9]Jansen W.International capital mobility:Evidence from panel data[J].Journal of Inter-national Money and Finance,2000,(19):507-511.
[10]Ma Guonan,Robert McCauley.Do China’s capital controls still bind-I mplications for monetary autonomy and capital liberalization[R].BIS Working Paper,2007,No.233.
[11]Magud N E,C Reinhart,K Rogoff.Capital controls:Myth and reality,a portfolio bal-ance approach to capital controls[R].Federal Reserve Bank of San Francisco Working Paper,2007.
[12]Montiel Peter,Carmen Reinhart.Do capital controls and macroeconomic policies influ-ence the volume and composition of capital flows-Evidence fromthe1990s[J].Journal of International Money and Finance,1999,4:619-635.
[2]刘仁伍.国际短期资本流动监管:理论与实证[M].北京:社会科学文献出版社,2008.
[3]王世华,何帆.中国的短期国际资本流动:现状、流动途径和影响因素[J].世界经济,2007,(7):12-19.
[4]王晓春.资本流动程度估计方法及其在发展中国家的应用[J].世界经济,2001,(7):20-26.
[5]张斌.如何评价资本管制有效性——兼评中国过去的资本管制效率[J].世界经济,2003,(3):64-67.
[6]Edwards S,Capital controls,capital flow contractions and macroeconomic vulnerability[R].NBER Working Paper,2007,No.12852.
[7]Edwards S,Khan MS.Interest rate determinationin developing countries:Aconceptual framework[R].I MF Staff Papers,1985,September.
[8]Feldstein M,Horioka C.Domestic saving and international capital flows[J].Economic Journal,1980,90:314-329.
[9]Jansen W.International capital mobility:Evidence from panel data[J].Journal of Inter-national Money and Finance,2000,(19):507-511.
[10]Ma Guonan,Robert McCauley.Do China’s capital controls still bind-I mplications for monetary autonomy and capital liberalization[R].BIS Working Paper,2007,No.233.
[11]Magud N E,C Reinhart,K Rogoff.Capital controls:Myth and reality,a portfolio bal-ance approach to capital controls[R].Federal Reserve Bank of San Francisco Working Paper,2007.
[12]Montiel Peter,Carmen Reinhart.Do capital controls and macroeconomic policies influ-ence the volume and composition of capital flows-Evidence fromthe1990s[J].Journal of International Money and Finance,1999,4:619-635.
引用本文
徐明东, 解学成. 中国资本管制有效性动态研究:1982-2008[J]. 财经研究, 2009, 35(6): 30–42.
导出参考文献,格式为:
下一篇:预算软约束与资产价格理性泡沫